Introduction
Ohio, affectionately known as the Buckeye State, is a blend of rolling countryside, bustling urban centers, and a rich industrial heritage. Its central location and welcoming communities make it a great place to live. When it comes to estate planning, Ohio residents must navigate specific state laws to ensure their assets and wishes are protected. This guide provides a thorough overview of everything you need to know about estate planning in Ohio.
1. Legal Documents Used in Estate Planning
In Ohio, standard estate planning documents include:
- Last Will and Testament: Directs how your assets should be distributed and appoints guardians for minor children.
- Living Trust: Provides a way to avoid probate and manage assets privately.
- Durable Power of Attorney: Appoints someone to handle financial matters if you are unable to do so.
- Healthcare Power of Attorney: Designates a trusted individual to make medical decisions on your behalf.
- Living Will: Documents your preferences for end-of-life care.
2. Remote Online Notarization (RON)
Ohio allows Remote Online Notarization (RON) for certain estate planning documents. Requirements include:
- Use of a state-approved RON platform.
- Verification of the signer’s identity through government-issued ID and security questions.
- A digital record of the notarization session.
RON is a convenient and secure option for notarizing documents remotely.
3. Guardianship Assignment
Ohio law enables parents to name a guardian for minor children in their will. If no guardian is appointed, the court will decide based on the child’s best interests. A detailed estate plan can ensure your wishes are honored.
4. Inheritance for Foreigners
Non-residents and foreigners can inherit property in Ohio. However, there may be tax implications depending on international treaties between the U.S. and the foreigner’s home country. Seek legal advice to navigate these complexities.
5. Probate Rules and Costs
The probate process in Ohio involves validating a will and overseeing the distribution of assets. Key details include:
- Duration: 6-9 months on average.
- Costs: Filing fees, attorney fees, and executor commissions.
- Simplified Processes: Estates valued under $35,000 (or $100,000 if the spouse is the sole heir) may qualify for expedited procedures.
6. Legal and Professional Costs
Ohio estate planning attorneys typically charge $1,500-$3,500 for comprehensive estate plans. Remote Online Notarization offers a cost-effective alternative for notarizing documents, reducing the need for in-person appointments.
7. Unique State Laws
Ohio has unique elective share laws that ensure surviving spouses cannot be entirely disinherited. The state also recognizes handwritten (holographic) wills under specific conditions.
8. Introduction to Ethical Wills
An ethical will allows you to pass on your values, beliefs, and personal lessons alongside material possessions. The Wills App simplifies the creation of ethical wills, enabling you to preserve your legacy for future generations.
9. The Wills App for Estate Planning Automation
The Wills App offers innovative solutions for estate planning:
- Vault Storage: Securely store critical documents online.
- Automated Distribution: Ensure assets are distributed according to your wishes.
- Wellness Checks: Confirm your status and execute plans only when necessary.
- Cross-Border Functionality: Manage assets across states and countries seamlessly.
- Peace of Mind: Honor your wishes, even decades after your passing.
10. Practical Storage Advice
Store your estate planning documents in a secure location. Options include fireproof safes, bank safe deposit boxes, or the Wills App’s digital vault. Share access details with trusted individuals to ensure smooth execution.
11. Call to Action
Take charge of your legacy with Wills.com. Simplify, secure, and automate your estate plan today.